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English definition of “competition”

competition

noun
 
 
/ˌkɒmpəˈtɪʃən/
[U] ECONOMICS the situation in which people or businesses are trying to be more successful than each other, for example by making more sales in a market: There has always been competition between the auto manufacturers. stiff/fierce/strong/tough competition Some healthy competition (= competition that is a good thing) makes everyone work harder. The decision to sell cheap TVs put the supermarket in (direct) competition with the major suppliers of electrical goods. foreign/global/ international competitiongrowing/increasing competition US companies face increasing competition from Eastern markets. Politicians argued that subsidies stifled free competition. Traditional banks face competition from internet-based finance companies. Critics say merging the two largest manufacturers could stifle competition (= prevent competition).
the competition COMMERCE, MARKETING the people or businesses who are competing with a particular person or business in a particular market: Longer hours should give the store an advantage over the competition.keep/stay ahead of the competition The company had to make drastic changes if it was to stay ahead of the competition.
→ See also free competition, imperfect competition, perfect competition, price competition
(Definition of competition from the Cambridge Business English Dictionary © Cambridge University Press)
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